BMPS: independence requirements and new composition of the committees within the board of directors

During today’s meeting, the Board of Directors of Banca Monte dei Paschi di Siena S.p.A., in light of the new factual framework, acknowledged the statement made by the director Antonino Turicchi, according to which, as a consequence of its appointment as officer of the Direzione VII - Finance e privatizzazioni in the Treasury Department of Finance and Economy Ministry by virtue of a decree issued by the Prime Minister on 20 April 2016, he does not meet anymore the independence requirements, provided for by the Bank’s by-laws. The Board of Directors reviewed again the position of Mr. Roberto Isolani, member of the Board of Directors and its vice-president, who already met the independence requirements provided for by the Consolidated Financial Act, and acknowledged that the Mr. Isolani may, as of today, be qualified as independent director in accordance with the provisions of the Bank’s by-laws. The Board further acknowledged the resignation of Mr. Turicchi as chairman of the Risks Committee and member of the Committee for Related Parties Transactions and Appointments Committee.

Mr. Turicchi will maintain its role as non-independent director. Currently, eight members of the Board, its majority, meets the independence requirements, consequently the percentage is well above the minimum percentage (equal to one third of the members) required by the corporate governance code for FTSE-Mib listed issuers and by the Banks’ by-laws.

The Board appointed, as new members of the above mentioned Committees, in order to replace Mr. Turicchi, the following independent directors:

• for the Appointments Committee, Mrs. Lucia Calvosa; and
• for the Committee for Related Parties Transactions, Mrs. Stefania Truzzoli.

The Risks Committee will appoint its new chairman in the next meeting, choosing among one of its member who meets its independence requirements.